A billboard for a local bank shows a happy parent saying, “They encouraged my kids to save.” For many parents, the concept of saving is one of those good values we want to instill in our kids. But what does saving mean to a kid? Financial institutions tell us that money will grow in a [...]
‘Tis that time to make resolutions. My bank sent me a newsletter with a financial checklist for 2012. Let’s wander through the list and put it in perspective for an average person. Identify your financial goals for the year. What is a financial goal? Buy a new car, pay off your mortgage, increase your savings, [...]
A perennial question for parents is, “Do you pay your kids to do chores?” But the real question for you to think about is, “How does paying (or not paying) your kids for chores fit into your overall plan for teaching your kids how to manage money?” In my opinion, I believe that each time [...]
Why is the America’s national debt so high? A recent article presented an excellent graphic using a family budget to show the national debt as “credit card” debt, something we all can relate to. This visual explanation makes it easy to understand that as a county we overspend with little attempt to manage our money [...]
Do you always spend money the same way? By this I mean do you always use the same form of money? Before you answer, think of all the forms of money available today for personal money management: cash, check, credit card, debit card, and electronic funds transfer. While spending, do you always use the same [...]
Recently I read an article that posed an intriguing question–what ever happened to our relationship with cash? The article, When using cash is better than credit, suggested that consumers should use cash instead of credit cards for day-to-day expenses. Why? Because psychologically money is more real when it is in the form of cash. Really? [...]
Parents often ask me, “How much allowance should I give my child?” Alas, there is no magic formula. If you really want to know how much money to give your kids, look no farther than yourself. As a parent, you are in the unique position to transform your kid’s allowance into one of your most [...]
Here’s a little story for all you parents out there. Parents often tell me about their kid’s experiences with money. In this true story I have changed the name of the boy to Sam. Sam is six years old and about to go on a spending experience that sends him home with out spending a [...]
Teens, in our society, have what might seem to be the perfect relationship with money–plenty of money to spend with few recurring debts or financial responsibilities. Yet it is only a short journey from a teen’s world to that of an adult who is legally responsible for his spending. To expect someone who has been spending money freely to make an overnight transition to being a financially savvy adult is unrealistic.
Kids can teach us simple truths about money–if we pay attention.